Company Quick10K Filing
CNA Financial
Price49.19 EPS2
Shares273 P/E21
MCap13,409 P/FCF14
Net Debt2,338 EBIT904
TEV15,747 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-19
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-08-03
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-08-11 Enter Agreement, Exhibits
8-K 2020-08-10 Officers, Exhibits
8-K 2020-08-03 Earnings, Exhibits
8-K 2020-07-15 Earnings, Exhibits
8-K 2020-05-04
8-K 2020-04-29
8-K 2020-03-06
8-K 2020-02-25
8-K 2020-02-10
8-K 2019-12-19
8-K 2019-10-28
8-K 2019-08-05
8-K 2019-05-01
8-K 2019-04-29
8-K 2019-04-24
8-K 2019-02-11
8-K 2018-12-03
8-K 2018-11-05
8-K 2018-09-05
8-K 2018-08-01
8-K 2018-07-30
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-06
8-K 2018-02-12

CNA 10Q Quarterly Report

Part I
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 q22020cnaex311.htm
EX-31.2 q22020cnaex312.htm
EX-32.1 q22020cnaex321.htm
EX-32.2 q22020cnaex322.htm

CNA Financial Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
655239261302012201420172020
Assets, Equity
2.72.11.61.00.5-0.12012201420172020
Rev, G Profit, Net Income
0.60.30.0-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2020
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____ to _____
Commission File Number 1-5823
 
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
36-6169860
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
151 N. Franklin
 
60606
Chicago,
Illinois
 
(Zip Code)
(Address of principal executive offices)
 
 
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, Par value $2.50
 
"CNA"
 
New York Stock Exchange
 
 
 
 
Chicago Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of July 30, 2020, 271,381,340 shares of common stock were outstanding.




Item Number
 
Page
Number
 
 
1.
 
 
 
 
 
 
2.
3.
4.
 
PART II
 
1.
1A.
6.

2


PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended June 30
Three Months
 
Six Months
(In millions, except per share data)
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
Net earned premiums
$
1,850

 
$
1,824

 
$
3,719

 
$
3,627

Net investment income
534

 
515

 
863

 
1,086

Net investment gains (losses)
69

 
(18
)
 
(147
)
 
13

Non-insurance warranty revenue
308

 
285

 
609

 
566

Other revenues
5

 
4

 
13

 
13

Total revenues
2,766


2,610


5,057

 
5,305

Claims, Benefits and Expenses
 
 
 
 
 
 
 
Insurance claims and policyholders’ benefits
1,642

 
1,352

 
3,067

 
2,709

Amortization of deferred acquisition costs
342

 
338

 
686

 
680

Non-insurance warranty expense
285

 
263

 
566

 
523

Other operating expenses
284

 
281

 
583

 
564

Interest
31

 
34

 
62

 
68

Total claims, benefits and expenses
2,584

 
2,268

 
4,964

 
4,544

Income before income tax
182

 
342

 
93

 
761

Income tax expense
(31
)
 
(64
)
 
(3
)
 
(141
)
Net income
$
151

 
$
278

 
$
90

 
$
620

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.56

 
$
1.03

 
$
0.33

 
$
2.28

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.55

 
$
1.02

 
$
0.33

 
$
2.28

 
 
 
 
 
 
 
 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
 
 
 
 
 
 
 
Basic
271.5

 
271.6

 
271.5

 
271.6

Diluted
272.0

 
272.4

 
272.3

 
272.5


The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).


3


CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Periods ended June 30
Three Months
 
Six Months
(In millions)
2020
 
2019
 
2020
 
2019
Comprehensive Income
 
 
 
 
 
 
 
Net income
$
151

 
$
278

 
$
90

 
$
620

Other Comprehensive Income, net of tax
 
 
 
 
 
 
 
Changes in:
 
 
 
 
 
 
 
Net unrealized gains and losses on investments with an allowance for credit losses
2

 

 
(9
)
 

Net unrealized gains and losses on other investments
1,191

 
436

 
147

 
966

Net unrealized gains and losses on investments
1,193

 
436

 
138

 
966

Foreign currency translation adjustment
24

 

 
(53
)
 
17

Pension and postretirement benefits
7

 
8

 
18

 
15

Other comprehensive income, net of tax
1,224

 
444

 
103

 
998

Total comprehensive income
$
1,375

 
$
722

 
$
193

 
$
1,618

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

4


CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)
June 30, 2020 (Unaudited)
 
December 31,
2019
Assets
 
 
 
Investments:
 
 
 
Fixed maturity securities at fair value (amortized cost of $38,392 and $38,126, less allowance for credit loss of $51 and $-)
$
42,775

 
$
42,207

Equity securities at fair value (cost of $889 and $820)
859

 
865

Limited partnership investments
1,558

 
1,752

Other invested assets
65

 
65

Mortgage loans (less allowance for uncollectible receivables of $20 and $-)
1,042

 
994

Short term investments
1,458

 
1,861

Total investments
47,757

 
47,744

Cash
586

 
242

Reinsurance receivables (less allowance for uncollectible receivables of $24 and $25)
4,435

 
4,179

Insurance receivables (less allowance for uncollectible receivables of $33 and $32)
2,755

 
2,449

Accrued investment income
382

 
395

Deferred acquisition costs
699

 
662

Deferred income taxes
195

 
199

Property and equipment at cost (less accumulated depreciation of $211 and $215)
264

 
282

Goodwill
145

 
147

Deferred non-insurance warranty acquisition expense
2,916

 
2,840

Other assets (includes $- and $21 due from Loews Corporation)
1,961

 
1,473

Total assets
$
62,095

 
$
60,612

Liabilities
 

 
 

Insurance reserves:
 
 
 

Claim and claim adjustment expenses
$
22,270

 
$
21,720

Unearned premiums
4,996

 
4,583

Future policy benefits
12,596

 
12,311

Long term debt
2,680

 
2,679

Deferred non-insurance warranty revenue
3,852

 
3,779

Other liabilities (includes $14 and $21 due to Loews Corporation)
4,056

 
3,325

Total liabilities
50,450

 
48,397

Commitments and contingencies (Notes C and F)


 


Stockholders' Equity
 

 
 

Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,377,196 and 271,412,591 shares outstanding)
683

 
683

Additional paid-in capital
2,196

 
2,203

Retained earnings
8,683

 
9,348

Accumulated other comprehensive income
154

 
51

Treasury stock (1,663,047 and 1,627,652 shares), at cost
(71
)
 
(70
)
Total stockholders’ equity
11,645

 
12,215

Total liabilities and stockholders' equity
$
62,095

 
$
60,612

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

5


CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30
 
 
 
(In millions)
2020
 
2019
Cash Flows from Operating Activities
 
 
 
Net income
$
90

 
$
620

Adjustments to reconcile net income to net cash flows provided by operating activities:
 
 
 
Deferred income tax (benefit) expense
(33
)
 
25

Trading portfolio activity
15

 
4

Net investment losses (gains)
147

 
(13
)
Equity method investees
68

 
39

Net amortization of investments
(32
)
 
(47
)
Depreciation and amortization
31

 
36

Changes in:
 
 
 
Receivables, net
(586
)
 
(135
)
Accrued investment income
11

 
(7
)
Deferred acquisition costs
(41
)
 
(47
)
Insurance reserves
1,181

 
203

Other, net
(201
)
 
(164
)
Net cash flows provided by operating activities
650

 
514

Cash Flows from Investing Activities
 

 
 

Dispositions:
 
 
 
Fixed maturity securities - sales
3,773

 
3,858

Fixed maturity securities - maturities, calls and redemptions
1,622

 
1,374

Equity securities
230

 
117

Limited partnerships
257

 
297

Mortgage loans
25

 
70

Purchases:
 
 
 
Fixed maturity securities
(5,356
)
 
(4,896
)
Equity securities
(312
)
 
(88
)
Limited partnerships
(90
)
 
(139
)
Mortgage loans
(91
)
 
(147
)
Change in other investments
(2
)
 
(4
)
Change in short term investments
409

 
(211
)
Purchases of property and equipment
(10
)
 
(14
)
Other, net
20

 
16

Net cash flows provided by investing activities
475

 
233

Cash Flows from Financing Activities
 
 
 
Dividends paid to common stockholders
(750
)
 
(738
)
Proceeds from the issuance of debt

 
496

Repayment of debt

 
(520
)
Purchase of treasury stock
(18
)
 
(16
)
Other, net
(8
)
 
(10
)
Net cash flows used by financing activities
(776
)
 
(788
)
Effect of foreign exchange rate changes on cash
(5
)
 
2

Net change in cash
344

 
(39
)
Cash, beginning of year
242

 
310

Cash, end of period
$
586

 
$
271

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

6


CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended June 30
Three Months
 
Six Months
(In millions)
2020
 
2019
 
2020
 
2019
Common Stock
 
 
 
 
 
 
 
Balance, beginning of period
$
683

 
$
683

 
$
683

 
$
683

Balance, end of period
683

 
683

 
683

 
683

Additional Paid-in Capital
 
 
 
 
 
 
 
Balance, beginning of period
2,187

 
2,184

 
2,203

 
2,192

Stock-based compensation
9

 
6

 
(7
)
 
(2
)
Balance, end of period
2,196

 
2,190

 
2,196

 
2,190

Retained Earnings
 
 
 
 
 
 
 
Balance, beginning of period, as previously reported
8,634

 
8,976

 
9,348

 
9,277

Cumulative effect adjustments from changes in accounting guidance, net of tax

 

 
(5
)
 

Balance, beginning of period, as adjusted
8,634

 
8,976

 
9,343

 
9,277

Dividends to common stockholders ($0.37, $0.35, $2.74 and $2.70 per share)
(102
)
 
(95
)
 
(750
)
 
(738
)
Net income
151

 
278

 
90

 
620

Balance, end of period
8,683

 
9,159

 
8,683

 
9,159

Accumulated Other Comprehensive Income
 
 
 
 
 
 
 
Balance, beginning of period
(1,070
)
 
(324
)
 
51

 
(878
)
Other comprehensive income
1,224

 
444

 
103

 
998

Balance, end of period
154

 
120

 
154

 
120

Treasury Stock
 
 
 
 
 
 
 
Balance, beginning of period
(72
)
 
(64
)
 
(70
)
 
(57
)
Stock-based compensation
1

 
1

 
17

 
8

Purchase of treasury stock

 
(2
)
 
(18
)
 
(16
)
Balance, end of period
(71
)
 
(65
)
 
(71
)
 
(65
)
Total stockholders' equity
$
11,645

 
$
12,087

 
$
11,645

 
$
12,087

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).


7


CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 89.6% of the outstanding common stock of CNAF as of June 30, 2020.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2019, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Recently Adopted Accounting Standards Updates (ASU)
ASU 2016-13: In June 2016 the Financial Accounting Standards Board (FASB) issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The updated accounting guidance requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through the Company’s results of operations. For financial assets measured at cost, the expected credit loss model requires immediate recognition of estimated credit losses over the life of the asset and presentation of the asset at the net amount expected to be collected. This new guidance applies to mortgage loan investments, reinsurance and insurance receivables and other financing receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows, however, the other than temporary impairment (OTTI) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write-down of amortized cost. Under the new guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where the Company has an intent to sell, impairment will continue to result in a write-down of amortized cost.
On January 1, 2020, the Company adopted the updated guidance using a modified retrospective method with a cumulative effect adjustment recorded to beginning Retained earnings. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. A prospective transition approach is required for available-for-sale fixed maturity securities that were purchased with credit deterioration (PCD assets) or have recognized an OTTI write-down prior to the effective date. The cumulative effect of the accounting change resulted in a $5 million decrease in Retained earnings, with a corresponding $7 million allowance for credit losses recorded for Mortgage loans partially offset by a $2 million tax impact.

8


The allowance for uncollectible insurance and reinsurance receivables was unchanged as a result of adopting the new guidance. At adoption, an allowance for credit losses of $6 million was established for available-for-sale fixed maturity securities that were PCD assets, with a corresponding increase to amortized cost, resulting in no adjustment to the carrying value of the securities. Below is a summary of the significant accounting policies impacted by the adoption of ASU 2016-13.
The allowance for credit losses is a valuation account that is reported as a reduction of a financial asset’s cost basis and is measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecast economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecast economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected.
The Company has made a policy election to present accrued interest balances separately from the amortized cost basis of assets and has elected the practical expedient to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. The Company has elected not to estimate an allowance for credit losses on accrued interest receivable. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current and future payments are expected. Interest receivable is presented as a component of accrued investment income on the Condensed Consolidated Balance Sheet.
See Note C and Note K to the Condensed Consolidated Financial Statements for additional information regarding credit losses.
Accounting Standards Pending Adoption
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long Duration Contracts. The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to annually update cash flow assumptions, including morbidity and persistency, and update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in the Company's results of operations and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income. This guidance is effective for interim and annual periods beginning after December 15, 2021, however the FASB has proposed a one year deferral of the effective date. Early adoption is permitted. The Company may elect to apply the guidance using either a modified retrospective transition method or a full retrospective transition method. The guidance requires restatement of prior periods presented. The Company plans to adopt using the modified retrospective transition method and is currently evaluating the effect the updated guidance will have on its financial statements, including the increased disclosure requirements. The annual updating of cash flow assumptions is expected to increase income statement volatility. While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of the business and related cash flows will be unchanged.


9


Note B. Earnings (Loss) Per Share
Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
For the three and six months ended June 30, 2020, approximately 445 thousand and 778 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, 915 thousand and 13 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
For the three and six months ended June 30, 2019, approximately 776 thousand and 872 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were included in the calculation of diluted earnings per share. For those same periods, less than 1 thousand potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans were not included in the calculation of diluted earnings per share, because the effect would have been antidilutive.
The Company repurchased 435,376 and 365,695 shares of CNAF common stock at an aggregate cost of $18 million and $16 million during the six months ended June 30, 2020 and 2019.

10


Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended June 30
Three Months
 
Six Months
(In millions)
2020
 
2019
 
2020
 
2019
Fixed maturity securities
$
430

 
$
455

 
$
868

 
$
910

Equity securities
50

 
16

 
6

 
46

Limited partnership investments
44

 
37

 
(26
)
 
113

Mortgage loans
14

 
12

 
28

 
24

Short term investments
1

 
9

 
8

 
19

Trading portfolio
8

 
2

 
9

 
4

Other
2

 

 
2

 
2

Gross investment income
549

 
531

 
895

 
1,118

Investment expense
(15
)
 
(16
)
 
(32
)
 
(32
)
Net investment income
$
534

 
$
515

 
$
863

 
$
1,086


During the three and six months ended June 30, 2020, $23 million and $10 million of Net investment income was recognized due to the change in fair value of common stock still held as of June 30, 2020. During the three and six months ended June 30, 2019, $4 million and $21 million of Net investment income was recognized due to the change in fair value of common stock still held as of June 30, 2019.
Net investment gains (losses) are presented in the following table.
Periods ended June 30
Three Months
 
Six Months
(In millions)
2020
 
2019
 
2020
 
2019
Net investment gains (losses):
 
 
 
 
 
 
 
Fixed maturity securities:
 
 
 
 
 
 
 
Gross gains
$
102

 
$
28

 
$
131

 
$
64

Gross losses
(85
)
 
(31
)
 
(189
)
 
(73
)
Net investment gains (losses) on fixed maturity securities
17

 
(3
)
 
(58
)
 
(9
)
Equity securities
63

 
11

 
(70
)
 
53

Derivatives
(10
)
 
(6
)
 
(5
)
 
(11
)
Mortgage loans

 

 
(13
)
 

Short term investments and other
(1
)
 
(20
)
 
(1
)
 
(20
)
Net investment gains (losses)
$
69

 
$
(18
)
 
$
(147
)
 
$
13


During the three and six months ended June 30, 2020, $63 million of gains and $(70) million of losses were recognized in Net investment gains (losses) due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2020. During the three and six months ended June 30, 2019, $11 million and $53 million of gains were recognized in Net investment gains (losses) due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2019. Net investment gains (losses) for the three and six months ended June 30, 2019 included a $21 million loss related to the second quarter 2019 redemption of the Company's $500 million senior notes due August 2020.
For available-for-sale fixed maturity securities, a credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. The allowance for credit loss related to available-for-sale fixed maturity securities is the difference between present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the Company will recover its amortized cost through the collection of cash flows. Changes in the allowance since

11


acquisition are presented as a component of Net investment gains (losses) on the Condensed Consolidated Statements of Operations.
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $373 million and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
Three months ended June 30
 
 
 
 
 
(in millions)
Corporate and other bonds
 
Asset-backed
 
Total
Allowance for credit losses:
 
 
 
 
 
Beginning balance
$
49

 
$

 
$
49

Additions to the allowance for credit losses:
 
 
 
 
 
For securities for which credit losses were not previously recorded
10

 
12

 
22

For available-for-sale securities accounted for as PCD assets
1

 

 
1

 
 
 
 
 
 
Reductions to the allowance for credit losses:
 
 
 
 
 
Securities sold during the period (realized)
1

 

 
1

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis

 

 

Write-offs charged against the allowance

 

 

Recoveries of amounts previously written off

 

 

 
 
 
 
 
 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period
(20
)
 

 
(20
)
Ending balance as of June 30, 2020
$
39

 
$